Strategy
UBS SuMi To Acquire Credit Suisse's Japanese Wealth Arm

The changes come as UBS seeks to integrate Credit Suisse following last year's acquisition, which means cutting out smaller operations and duplicated functions, and less profitable accounts, among other features.
UBS’s joint venture in Japan will acquire Credit Suisse’s wealth
management business in the country, the JV said. This continues
moves to spin off smaller Credit Suisse
businesses and cut duplication of roles.
UBS SuMi Trust Wealth Management Co will bring Credit Suisse
Securities Japan unit’s employees and clients’ assets into its
embrace, the JV said a statement this week.
The JV is 51 per cent-owned by UBS Securities Japan Co with
Sumitomo Mitsui Trust Holdings holding the remaining 49 per
cent.
A report by Bloomberg (8 April) said the wealth
management arm of UBS requires clients to have at least $2
million, and this standard will be applied to clients held by
Credit Suisse Securities, possibly making some clients ineligible
for the service.
As reported earlier
this week, UBS is reportedly in talks to take full ownership of
its China platform by swapping its holding in Credit Suisse’s
onshore securities venture with a Beijing government investment
fund.
The changes are being sought as UBS integrates the Credit Suisse operations which it acquired in last year's "shotgun wedding."